FrontLine Compliance Consultants

• Lori A. Cole, Senior Consultant
• Nancy S. Kline, Senior Consultant
• Patricia A. Janda, CSCP, Senior Consultant
• Kathleen A. McCarthy, Senior Compliance Analyst
• Beth Lehman, Senior Consultant
• Eric S. Martinez, Senior Consultant

Lori A. Cole, Senior Consultant

Lori Cole specializes in investment adviser and hedge fund compliance matters.
 

Ms. Cole has worked in the investment management industry for 18 years. Most recently, she was the Vice President of Compliance for Avenue Capital, one of the world's largest hedge funds. Prior to Avenue Capital, she was a Vice President in the compliance department at AllianceBernstein, a multi-billion dollar mutual fund complex, where she worked on compliance matters for 12 years. She was also previously an Assistant Vice President at Jennison Associates, where she managed the entire compliance department for the large advisory conglomerate.
 

Ms. Cole is experienced in developing, implementing, monitoring and testing compliance programs for investment advisers, mutual fund complexes, and hedge funds. She has a strong foundation in fixed-income securities including the US Treasury markets, corporate bonds, emerging markets and high yield and distressed markets. Ms. Cole has a broad range of compliance experience with expertise in policies and procedures, registrations and filings, codes of ethics, employee and firm trading reviews, forensic testing, conducting annual compliance reviews, advertising and marketing reviews, and in preparing for SEC regulatory audits. Additionally, she is proficient in a number of complex trading and client management compliance systems.
 

Ms. Cole is a member of the National Society of Compliance Professionals and the Hedge Fund Compliance Officers Working Group. She received a B.S. in Business Administration with a major in Finance from Dowling College.
 

Nancy S. Kline, Senior Consultant

Nancy Kline specializes in broker-dealer compliance matters.
 

Ms. Kline has over 20 years of regulatory compliance experience in the securities industry. Earlier in her career, she spent 11 years at FINRA (formerly NASD), holding a variety of roles in Member Regulation, Market Regulation and Internal Audit. At FINRA, Ms. Kline managed and conducted numerous audits, examinations and investigations. These included risk-based financial and operational examinations of broker-dealers and their branch offices, investigations of insider trading and stock manipulation of NASDAQ securities, and planning routine and ad hoc operational reviews of FINRA or NASDAQ functions or operational areas. Most recently, she was Senior Vice President in the compliance department with FBR Capital Markets, a full service investment banking firm. While at FBR, she managed staff responsible for regulatory inquiries and examinations, continuing education, licensing and registration, new hire orientation, e-communication surveillance, copyright, and advertising and sales literature. Additionally, she implemented a state-of-the-art e-communication surveillance system and developed accompanying processes and guidelines to ensure all employee communications remained compliant with federal, regulatory, and corporate policies and regulations.
 

Ms. Kline has particular experience in creating policies and procedures, developing and implementing compliance and training programs, conducting operational internal audits, monitoring trading activity, and translating compliance requirements and regulations for business line managers and technical teams.
 

Ms. Kline received an MBA in International Business Finance from George Washington University and a B.A. in Economics from Randolph-Macon Woman’s College. She has passed the Series 4, 7, 24, 53, and 55 examinations.
 

Patricia A. Janda, CSCP, Senior Consultant

Pat Janda specializes in investment adviser, broker-dealer and mutual fund compliance matters.
 

Ms. Janda has over 20 years of regulatory compliance experience in the securities industry. With the SEC’s Chicago Regional Office for eight years, Ms. Janda excelled as a Senior Staff Accountant conducting numerous examinations of investment advisers and investment companies. She also served as a Team Leader at the SEC, performing specialized reviews of variable insurance products. Following the SEC, Ms. Janda spent 12 years at Wachovia Securities LLC (now Wells Fargo Advisors LLC), a full-service broker-dealer and investment adviser, where she was a Vice President of Compliance. She served as a product compliance liaison for Wachovia's multi-billion wrap-fee advisory programs, as well as its financial planning services, insurance products and other financial products. At Wachovia, she developed and implemented compliance policies and procedures, conducted compliance training, participated in and coordinated regulatory exams, performed mock SEC exams, maintained the firm’s Form ADV, and participated in technology enhancement initiatives. Ms. Janda most recently served as a Director of Compliance for INTECH Investment Management LLC, a SEC registered investment adviser. Among her responsibilities, she supervised and directed the firm's portfolio compliance activities, managing the firm’s use of the Charles River Database (CRD) system. Ms. Janda began her career at Arthur Andersen & Co., where she was a Senior Auditor in its Financial Services Division.
 

Ms. Janda received a M.S. in Financial Markets and Trading from Illinois Institute of Technology and a B.S. in Organizational Behavior and Personnel and an Accounting Certificate from Northwestern University. She has earned the Certified Securities Compliance Professional (CSCP) designation and has obtained a CPA certificate. She has also passed the Series 7, 9, 10 and 24 examinations.
 

Kathleen A. McCarthy, Senior Compliance Analyst

Kathleen McCarthy specializes in regulatory research, broker-dealer and investment banking compliance matters.
 

Ms. McCarthy has over 25 years of experience, beginning her career at NYSE Regulation (now FINRA) in Member Regulation and later moving to Market Surveillance. As a Senior Supervisory Analyst, Ms. McCarthy planned and conducted numerous multi-SRO, high profile specialized investigations, including market manipulation and insider trading. She also planned and executed sales practice exams and operational reviews of compliance functions, and taught internal courses for NYSE staff.
 

Ms. McCarthy later served as an officer and Vice President of Corporate Compliance for Bankers Trust (now Deutsche Bank) and managed its Employee Trading & Activities and Trade Pre-Clearance Departments. She designed compliance policies, wrote procedure manuals, conducted business unit training, and worked extensively to improve the firm’s Chinese Wall policies. Most recently, Ms. McCarthy was an officer and Vice President with Morgan Stanley, where she revised numerous departmental compliance manuals, including the firm’s Code of Conduct and Code of Ethics. She also managed reviews of employee trading and other activities, redesigned trade pre-clearance policy and process, and participated in numerous global compliance projects initiatives that resulted in uniformity of procedures.
 

Ms. McCarthy is especially experienced in regulatory research, coaching and mentoring staff, compliance training, and creating policies and procedures which are teachable and manageable.
 

In addition to her B.A., Ms. McCarthy earned an MBA from Pace University and has completed numerous New York Institute of Finance (NYIF) courses.
 

Beth Lehman, Senior Consultant

Beth Lehman specializes in complex regulatory compliance and enforcement matters for investment advisers and broker-dealers.
 

Ms. Lehman has nearly 10 years of regulatory and private sector legal and compliance experience in the securities industry. She began her career in the SEC’s Division of Enforcement in Washington, DC, where she served as a key member of the team of attorneys and accountants originally assigned to the joint SEC and Department of Justice investigation into the collapse of Enron Corp. and Arthur Andersen. Ms. Lehman then moved to the SEC's Boston Regional Office (BRO) where she was responsible for broker-dealer and investment adviser enforcement matters. While with the BRO, her accomplishments included spearheading the SEC's three plus year investigation into the use of deceptive market timing practices. Upon leaving the SEC, Ms. Lehman served as a Chief Compliance Officer for an SEC-registered investment adviser and its affiliated mutual funds. There she was responsible for managing the compliance program for each entity under the IA Act and IC Act. Most recently, Ms Lehman served as an independent consultant to State Street Global Advisors (SSgA) and its Legal, Compliance and Risk Management groups.
 

Ms. Lehman possesses high level experience with SEC examination processes, SEC-mandated independent consulting and enforcement proceedings. She has a broad range of compliance expertise that includes the preparation and adoption of robust policies, procedures, and controls; codes of ethics and gifts and gratuities issues; execution and soft dollars; annual compliance reviews and forensic testing; advertising, marketing, and GIPS; and books and records oversight.
 

Ms. Lehman received a J.D./M.B.A. from Suffolk University Law School, cum laude, with a Concentration in Financial Services Law, and a B.A. from Boston University. She is the recipient of the SEC Enforcement Division Director's Award and the Commission's Chairman's Award for Excellence.
 

Eric S. Martinez, Senior Consultant

Eric Martinez specializes in compliance matters for broker-dealers and mutual fund distributors.
 

Mr. Martinez has over 10 years of regulatory compliance experience in the securities industry and additional private sector business risk and investment experience. He spent five years with FINRA (formerly NASD) as a Senior Compliance Examiner, planning and conducting examinations of broker-dealers in the Pacific Northwest. Mr. Martinez led or participated in a wide range of examinations involving net capital, customer protection, anti-money laundering (AML), sales practice, private placements and customer complaint investigations. Following FINRA, he was a Compliance Officer for Russell Investments, a global multi-manager mutual fund complex. There Mr. Martinez was responsible for national sales compliance, such as branch inspections, compliance oversight and correspondent reviews of registered principal and representatives, supervisory control reviews, institutional account reviews for large retirement plans, charitable foundations and endowments, and due diligence reviews of third-party intermediary distributors.
 

Mr. Martinez has an additional ten years experience as a Business Reporter/Analyst with Dun & Bradstreet (D&B), interviewing executives and writing business risk reports on thousands of companies in the western U.S. He was also a Financial Advisor with Waddell & Reed, a mutual fund company.
 

Mr. Martinez received a B.A. in Business Management, specializing in Management Information Systems, from Western Washington University in Bellingham, WA. He has passed the Series 7, 24 and 66 examinations, and was previously licensed in life, disability and long-term care insurance.